McKinsey Research Reveals a Majority of Americans are Knowledgeable and Concerned about their Healthcare Costs

The report found that under one-half of Americans were worried about healthcare and health insurance costs, and 34% were worried about routing medical expenses. At least 40% of people were concerned about possibly incurring expenses for catastrophic events, long-term care, end-of-life and chronic conditions.

A McKinsey’s research presented in the Healthcare consumerism 2018 conference has revealed that a majority of Americans are healthcare cost-conscious, and are concerned about various types of healthcare expenses.

Four important themes were identified by the McKinsey consumer’s research which includes the lack of continuity of care for many consumers; affordability as a pressing consumer concern; increased demand for digital and convenient access; and greater willingness to participate in health care programs that reduce costs, if made available.

Household and personal concerns about healthcare costs were of utmost importance for U.S consumers. A KFF poll found that even for individuals who earned over $90,000 annually, healthcare costs still the number one priority ahead of mortgage and rent, or covering utilities, which was also the same for individuals who earned much less income annually.

The McKinsey research compared healthcare expenses data between 2009 and 2017. By 2017, the report found that under one-half of Americans were worried about healthcare and health insurance costs, and 34% were worried about routing medical expenses. At least 40% of people were concerned about possibly incurring expenses for catastrophic events, long-term care, end-of-life and chronic conditions.

This has resulted in people worrying about losing coverage features like hospitalization (the most expensive cost-component in U.S. healthcare), emergency room, and urgent care. One-third of Americans are also concerned about losing access to preferred brand drugs and mental health services.

As patients take on great financial burden for covering health care costs, they seek more accessible and convenient channels for care. So the McKinsey data shows that retail clinic use is steadily growing, especially interests to access immunizations and vaccines, minor illnesses, lab tests, and preventive services.

As part of this growing health-consumer ethos, people are open to digital healthcare solutions. McKinsey found that about 70% of Americans are interested in digital solutions to shop for a health plan, find a doctor, check their health information, monitor health metrics, pay bills, and order prescription drugs.

Based on their growing role as payers, Americans are open to changing health behaviors in exchange for reducing healthcare costs. For example, two-thirds of consumers say they’d be interested in achieving 5,000 steps a day per month for a $10/month reduction in a health insurance premium; over one-half of people would go to the gym 2 or 3 times a week for a $15-30/month reduction in a premium; and two-thirds of people would work with a dietitian for weight management.